据ZeroHedge报道，在上一轮危机以来最明目张胆的行业自利行为中，美国私募股权巨头正以创纪录的 速度将资产出售给自己。 为了支撑其摇摇欲坠的帝国，这些机构正在采取一种被外界指责带有绝望色彩和庞氏骗局特征的策略： 不仅让新投资人成为"接盘侠"，更借此无限期锁定管理费收入。 Raymond James 的数据显示，2025年这类涉及私募公司从新投资者处筹集资金、购买自身旧基金投资组 合的交易预计将达到惊人的1070亿美元，远超去年的700亿美元。这种被称为"接续基金"（continuation vehicles）的工具，允许私募巨头向急需资金的旧基金有限合伙人返还资金，同时保持对资产的控制 权，更关键的是，这让管理费和附带权益（carried interest）的计时器得以重置。 这种操作模式引发了市场对利益冲突的强烈担忧。私募公司在交易中身兼买卖双方，实际上主导了资产 从其一个"口袋"转移到另一个"口袋"的定价权。养老基金等有限合伙人担心，管理者可能故意压低估值 以损害退出投资者的利益，从而为新基金未来的高额回报铺路。 尽管 Jefferies 等机构预计全球相关交易量将逼近1000亿美元，且行业内部将其美 ...

尽管基金经理视其为压力环境下的有效流动性解决方案，但在这一架构下，以养老基金为代表的出资人 正面临新的资产评估挑战与潜在风险，部分主权财富基金甚至因此发起了诉讼。 "自买自卖"规模突破千亿美元！私募基金"左手倒右手"交易创历史新高 全球私募股权投资（PE）公司正以前所未有的速度将资产出售给自己管理的新基金，以应对传统退出 渠道的受阻。这种被称为"接续基金"（continuation vehicles）的策略在交易规模上预计将创下历史新 高，根本性地改变了该行业向投资者返还现金的方式。 Raymond James全球私人资本咨询主管Sunaina Sinha Haldea的数据显示，此类交易预计在2025年将达到 1070亿美元，远高于去年的700亿美元。投资银行Jefferies负责欧洲此类交易的Skip Fahrholz也预计，今 年涉及接续基金的全球销售总额将接近1000亿美元。目前，此类交易已占到今年所有私募股权出售交易 的约五分之一，而去年这一比例仅为12%至13%。 这一激增反映出买断型投资公司在公开市场或外部买家处难以获得理想估值的困境。通过将资产转移至 接续工具，基金经理得以在向老基金投资者返还 ...

在发达国家，数据安全和隐私保护一直是公众最关心的问题。 欧盟国家尤其严格，推出了《通用数据保护条例》，对任何数据收集、存储和使用都有非常苛刻的规定。 这意味着任何支付机构在运营中，必须承担更高的安全成本和法律风险。 2024年9月，欧盟境内一家知名第三方支付平台发生数据泄露事故，大约120万用户的姓名、银行卡后四位以及最近的交易记录被非法获取。 欧盟数据保护委员会立刻通报事件，并对平台罚款1.2亿欧元。 这件事让很多消费者彻底失去了对移动支付的信任。 他们认为把钱和个人信息放在手机里太危险，一旦被黑客攻击，损失可能不可估量。 不仅如此，新闻报道中各种移动支付泄露和诈骗事件不断出现。 比如有人因为手机被盗或账户被黑，而损失几千甚至几万元，有的用户因为误点恶意链接下载了虚假APP而被盗刷银行卡。 这种风险在欧美国家尤其敏感，因为人们对财产和隐私的保护意识非常高。 在这样的环境下，即使技术成熟，用户也不会轻易去使用移动支付。 相比之下，中国在这方面的监管和赔付机制逐步完善，支付平台设有赔付基金，出现问题能够先行赔付用户损失，这种保障让用户更容易接受和使用移动支 付。 在中国，拿出手机扫一扫就能买东西已经成为日常。 ...

Core Viewpoint - The dual role of Lip-Bu Tan as both CEO of Intel and a seasoned venture capitalist has raised concerns about potential conflicts of interest, particularly in light of Intel's recent acquisition attempts and the subsequent sale of Rivos to Meta, which Tan has financial ties to [1][3][4]. Group 1: Dual Role and Investments - Lip-Bu Tan, appointed as Intel's CEO in March, also leads Walden International, a venture capital firm that has invested in over 500 companies, including Rivos, where he served as founding chairman [2][4]. - Following Meta's acquisition of Rivos, Tan expressed pride in the company's success, despite not being involved in Intel's negotiations with Rivos [2][3]. - Tan's involvement with SambaNova Systems, another AI chip manufacturer, raises further questions as he is both an executive chairman and an investor, while also discussing its products with Intel's major clients [2][7]. Group 2: Concerns and Governance - Concerns about Tan's multiple roles have been voiced by former Intel employees, with some citing these conflicts as reasons for their departure [3][4]. - Intel's board has stated that they have carefully considered Tan's investment-related issues and have implemented strict governance policies to manage potential conflicts [4][5]. - Despite these measures, Tan's ability to assist in identifying acquisition targets and participate in non-financial discussions remains, although he must avoid price negotiations [4][5]. Group 3: Historical Context and Impact - Tan has a history of holding dual roles, having previously served as CEO of Cadence Design Systems while continuing to invest in various companies [5][6]. - Since joining Intel, Tan has initiated significant layoffs and management changes to address the company's challenges, while still actively investing in startups [6][8]. - The strategic shift of Rivos towards AI chip development, influenced by Tan, has been highlighted as a key factor in its eventual acquisition by Meta [7][9].

欧洲新闻台2日称，莫盖里尼在2014年至2019年担任欧盟"外长"和欧盟对外行动署署长。自2020年9月 起，她一直担任欧洲学院院长，该学院是欧盟教育机构和重要智库，不少欧盟官员曾在那里就读。圣尼 诺曾是意大利外交官，担任过欧盟对外行动署秘书长，目前是欧盟委员会中东、北非和海湾地区部门负 责人。 欧洲检察官办公室的声明称，此次调查的重点是名为"欧盟外交学院"的项目，它面向欧盟年轻外交官， 首个"试验班"为期9个月。2021年至2022年，欧盟对外行动署经过公开招标，选定欧洲学院承接该项 目。调查旨在确定欧洲对外行动署是否在项目正式授予之前，与欧洲学院分享信息，从而违反招标规 则。 声明还称，"强烈怀疑"该项目招标过程中存在违反公平竞争的行为，"调查发现的情况可能构成采购欺 诈、腐败、利益冲突和违反职业保密义务"。调查仍在进行中，以查明事实并评估是否发生了任何刑事 犯罪。 西班牙《世界报》3日称，莫盖里尼被捕，对欧盟本已脆弱的信誉造成了新的打击。法国极左翼政党"不 屈法国"成员奥布里紧急呼吁"建立一个更有魄力的道德机构，从源头上阻止腐败，而不是等到下一个丑 闻爆发"。 【环球时报特约记者 王逸】"莫盖里尼：从欧 ...

Core Insights - Doubao Mobile Assistant faced operational challenges shortly after its launch, particularly with WeChat, which was forced offline due to security measures [1][2] - The assistant is currently in a technical preview phase and is not aimed at the general consumer market, focusing instead on industry and AI enthusiasts [2] Group 1: Product Launch and Features - Doubao Mobile Assistant was officially launched on December 1, exclusively for the Nubia M153 smartphone, priced at 3499 yuan, and is currently sold out [2] - The assistant allows users to automate tasks such as ordering food, booking flights, and responding to WeChat messages, all while running in the background [2] Group 2: Security and Privacy Concerns - Doubao Mobile Assistant's operations triggered security alerts from WeChat, leading to account restrictions, which the company attributed to existing security measures [1] - Doubao emphasized that it does not engage in any hacking activities and requires user authorization to access sensitive functions [1] Group 3: Industry Implications - The rise of AI assistants like Doubao has led to conflicts with third-party apps, as these assistants may be perceived as bots, triggering security protocols [4][5] - Other smartphone manufacturers, such as Vivo and OPPO, have also faced similar issues with their AI assistants being restricted by apps like WeChat and Bilibili [5][6] - The broader industry is witnessing legal disputes, such as Amazon's lawsuit against Perplexity AI, highlighting tensions between AI innovation and established platforms [6]

Core Insights - Vulcan Elements, a rare earth startup supported by Donald Trump Jr.'s venture capital firm, received a significant loan commitment of up to $620 million from the U.S. Department of Defense to expand industrial magnet supply [1][4] - This loan represents the largest ever issued by the Pentagon's Strategic Capital Office and is part of a broader financing agreement valued at $1.4 billion, which includes over $550 million in private financing and other federal incentives [1][4] - The transaction has raised concerns about potential conflicts of interest, given the connections to Trump Jr. and the timing of the loan [1][2] Government Contracts and Investment Landscape - Since Trump Jr. joined 1789 Capital in 2024, the firm has invested in at least four companies that collectively secured over $735 million in government contracts this year [2] - 1789 Capital, founded by Trump-supporting donors, has a portfolio that has expanded from initially focusing on anti-"woke culture" businesses to include industries likely to benefit from Trump administration regulations [2] - Other companies in the 1789 Capital portfolio that received government contracts include Firehawk Aerospace, PsiQuantum, and Cerebras Systems, with contracts exceeding $10 million each [2] Denials of Political Influence - All parties involved have denied any political interference in the loan process, with Vulcan Elements' CEO stating no contact with Trump Jr. and emphasizing the value-based nature of the loan [3] - A Pentagon spokesperson confirmed that neither Trump Jr. nor 1789 Capital participated in discussions regarding the loan commitment [3] - Despite these denials, Trump Jr. previously indicated his deep involvement in strategic decisions at 1789 Capital [3] Financing Structure Analysis - The $620 million financing for Vulcan Elements is strategically significant, aimed at supporting the production of critical materials for defense equipment such as drones and nuclear submarines [4] - As part of the deal, the U.S. Department of Commerce will acquire a $50 million equity stake in Vulcan, and the Pentagon will receive warrants for Vulcan Elements and its partner ReElement Technologies [5] - Vulcan expects to increase its workforce from approximately 30 to 50 employees by the end of the year [5]

Core Viewpoint - The arrest of Federica Mogherini, former EU High Representative for Foreign Affairs, and two others is linked to allegations of corruption and procurement fraud related to an EU-funded training program for young diplomats [3][5][9]. Group 1: Arrest and Investigation - Mogherini and two other individuals were arrested by Belgian police on December 2, 2023, under suspicion of prematurely disclosing tender information related to a diplomatic training project funded by the EU [3][5]. - The investigation is supported by the European Anti-Fraud Office and involves searches at the EU External Action Service headquarters and other locations [3][5]. Group 2: Project Details - The project in question, named "EU Diplomatic Academy," was awarded to the European College after a public tender process involving six educational institutions [7]. - The first phase of the project, lasting nine months, had a contract value of approximately €650,000, while the second phase's contract amount is set at €960,000 [5][7]. - The project is expected to be permanent by May 2024, with an annual budget of around €1.7 million allocated by the EU External Action Service [7]. Group 3: Implications and Reactions - The investigation raises concerns about potential violations of fair competition, procurement fraud, corruption, and conflicts of interest [7][9]. - The EU External Action Service has confirmed its cooperation with the investigation but refrained from commenting on the arrests [9].

Core Points - The investigation involves the EU's "European Diplomatic Academy" project, which is a training program for young EU diplomats, with concerns about potential leaks of confidential bidding information [1][2] - The project was awarded to the European Academy after a public tender process, but there are allegations of unfair competition and possible procurement fraud [2] - The first phase of the project had a contract value of approximately €650,000, while the second phase's contract amount is reported to be €960,000 [2] - The project is set to be permanent by May 2024, with an annual budget of around €1.7 million [2] Investigation Details - The investigation was initiated by the European Public Prosecutor's Office and is supported by the EU Anti-Fraud Office [1] - The search included the EU External Action Service headquarters in Brussels and the residences of the suspects [1] - The suspects include former EU foreign policy chief Federica Mogherini and current EU diplomat Stefano Sanino, both of whom are Italian [1][3] Project Background - The first trial class of the "European Diplomatic Academy" lasted nine months and was conducted from 2021 to 2022 [2] - The initial tender saw six educational institutions participate, with the European Academy ultimately winning the bid [2] - The first project contract did not cover accommodation and travel expenses, which were paid separately by the EU External Action Service [2]

Core Points - The U.S. federal government shutdown has reached its 35th day, matching the previous record set during Trump's presidency, causing significant disruption to both public welfare and the economy [1] - Despite the ongoing shutdown, politicians are hosting lavish parties, exemplified by a recent Gatsby-themed event at Mar-a-Lago, highlighting a stark contrast between political actions and public suffering [3] Group 1: Government Shutdown Impact - The shutdown has led to millions of Americans losing food assistance, with federal workers forced to work without pay [1] - The Supplemental Nutrition Assistance Program (SNAP), which supports 42 million Americans, ceased operations due to funding exhaustion, affecting a significant portion of the population living below the poverty line [9] Group 2: Political and Corporate Interests - The White House is undertaking a $300 million project to build a new banquet hall, with a recent event hosting nearly 130 donors linked to the funding [5] - A report from the non-profit organization "Defend the Public Interest" revealed that two-thirds of the 24 sponsoring companies have significant ties to the federal government, holding contracts worth $279 billion, raising concerns about conflicts of interest [7] - Over the past five years, these companies and individuals have spent $1.6 billion on lobbying and campaign contributions, indicating a deep level of influence over government policies [7] Group 3: Public Sentiment and Criticism - Public reactions to the extravagant party highlight a disconnect between political priorities and the urgent needs of citizens, with comparisons drawn to the pre-Great Depression era depicted in "The Great Gatsby" [11] - Union representatives emphasize that immediate funding for food assistance programs should take precedence over luxury projects like the new banquet hall [11]